FOSTERING ENTREPRENEURSHIP AND ECONOMIC DEVELOPMENT
The Fiji Government plays a significant role in supporting the growth of businesses like Bold & Beautiful Cosmetics through various initiatives aimed at fostering entrepreneurship and economic development.
This was highlighted by Deputy Prime Minister for Trade, Co-Operatives, Micro, Small and Medium Enterprises, and Communications Manoa Kamikamica during the Bold and Beautiful Cosmetics Showroom launch at the Nausori Plaza.
According to the Micro, Small, and Medium Enterprise Fiji Policy Framework, MSMEs form the backbone of the Fijian economy. They contribute over 18% of the GDP and provide employment for approximately 60% of the Fijian labour force.
Bold & Beautiful Cosmetics began its journey just a year ago with their first store at Sports City in Laucala Bay, Suva, opening on May 19, 2023.
DPM Kamikamica added the government works to create a conducive environment for businesses to thrive by implementing policies that promote investment, reduce red tape, and streamline business registration processes.
“Through various programs and funding opportunities, the government specifically supports Micro, Small, and Medium enterprises (MSMEs) to enhance their capacity, promote innovation, and ensure access to financial resources.”
DPM Kamikamica added the government collaborates with organisations to provide training and workshops for entrepreneurs, equipping them with essential skills in management, marketing, and product development.
“Initiatives to promote locally made products help businesses like Bold & Beautiful Cosmetics gain visibility and encourage consumers to support local brands.”
“By investing in infrastructure development, such as improved roads, water, and connectivity, the government enhances access for businesses to reach customers and suppliers effectively.”
DPM Kamikamica said by promoting programs aimed at youth, the government encourages young entrepreneurs to invest in and start their own businesses, contributing to overall economic growth, such as our Young Entrepreneurship Scheme (YES) program.